Venture Capitalists Secure $25 Million for Blockchain Endeavor Centered on Enhanced Privacy, Dubbed Nillion
Nillion Raises $25 Million for Privacy-Focused Blockchain Project
Nillion, a privacy-focused blockchain project, has successfully secured $25 million in a funding round led by Hack VC. This brings the total raised to $50 million.
The network leverages privacy enhancing technologies (PETs) including multiparty computation (MPC) to securely store and compute data on its peer-to-peer network of nodes. One of the unique features of Nillion's network is that it does not require decrypting data ahead of computation, further enhancing data security.
Nillion's focus remains on ensuring data privacy and security in its projects. The project's "blind computing" approach ensures that data is shared and stored securely on the blockchain. Applications can cooperate and process data without revealing sensitive information.
The fundraising round attracted participation from angels and contributors from Arbitrum, Worldcoin, and Sei. Other partners include ZKPASS, Ritual, and Arbitrum. Nillion has already partnered with leading blockchain networks NEAR, Aptos, and Arbitrum.
The privacy-preserving capabilities of Nillion's blockchain open up a wide range of potential applications. For instance, Nillion's network allows for data computation while still hidden, enhancing the security of high-value data. Potential applications include privacy-preserving cloud storage, secure collaborative computation in industries like finance, healthcare, or government, facilitating blockchain-based decentralized applications (dApps) requiring confidential smart contracts or private data verification, and enabling human-data interaction paradigms where individuals retain control and privacy of personal data while benefiting from computational services.
Nillion's "blind computing" architecture leverages techniques akin to secret sharing and secure multiparty computation, where data is split and shared so that only a combined computation result is revealed without exposing individual data pieces or the inputs themselves. This prevents data leakage, reduces risks of centralized breaches, and upholds data privacy even in decentralized environments.
In summary, Nillion’s blockchain combined with blind computing offers a framework for decentralized, privacy-focused, and secure data storage and computation, unlocking use cases demanding high confidentiality and trustworthiness beyond what traditional blockchains provide.
- The recent influx of $25 million in funding for Nillion, a privacy-focused blockchain project, will be used to further develop and implement web3 technologies, particularly in the field of artificial intelligence, to create secure and private decentralized applications (dApps) for industries like finance, healthcare, or government.
- As the finance sector increasingly embraces blockchain technology, Nillion's privacy-preserving features are poised to revolutionize the way sensitive financial data is stored and processed, opening up new avenues for investing and finance by ensuring data confidentiality and security.
- The integration of artificial intelligence with Nillion's blockchain network will enable groundbreaking advancements in data analysis, with the potential to unlock valuable insights from data-intensive industries such as news media and entertainment, while maintaining strict data privacy standards.
